From Andrew Thrasher:
Gold can be a fun commodity to keep an eye on, as it can have some pretty volatile moves intraday. The price action we have been seeing in gold recently is a great example of why it's important to be patient.
I've looked at gold a few times over the last year, for example in July when it was breaking out of a pennant pattern to the upside, back in September when the shiny metal looked like it might be topping out, and most recently in early January when it appeared that gold was reaching an oversold level near the $1,640 area.
But today what I'm seeing is the commodity is stuck between tight levels of resistance and support.
Gold looks like it's in a quagmire... traders don't seem to have enough conviction to have any type of substantial move. On the upside we have...
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